GOLD $GLD AND SILVER $SLV MAY BE READY FOR A SHORT TERM DROP
With worries in Europe settling down and US stock market ramping up, there is a strong case for a retracement in gold $GLD and silver $SLV. The money flows in gold and silver futures this afternoon have been negative. The technical pattern traced out by both gold $GLD and silver $SLV this afternoon is also negative.
If dollar is not weaker tomorrow morning, we will scale in shorts on both gold $GLD and silver $SLV tomorrow morning. Otherwise we will wait for strength in dollar for a trigger.
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December 2, 2010